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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Sept. 26, 1920)
THE SUNDAY OREGONIAX, PORTLAND, SEPTEMBER 26, 1920 JACOB SCHIFF, NOTED 115 FIIUNCIER. DIES Lead Taken in Development of Railroads. JAPANESE AID REGRETTED lioan to Oriental Xation Floated in War "With Kussla Fund Helps Military Power. three days of which he was lost in the wuuuo anu mountains Detween junn son meadows and the middle fork of the Willamette. In the original party were Mr. Hall, Ray Kerr and "Red" Spear. Kerr and Hall" were hunting together. Hall followed a buck over several ridges and lost his way. When it became certain that Hall was lost, Kerr returned to camp and spread the alarm. On the second day Hall heard the searching party call, but was unable to 'determine the di rection." The third day he determined to follow a creek down to the middle fork, where he knew he would find campers or inhabitants. That day he was nearly drowned by falling into deep water and was seriously hurt by a fall. Finally he reached the middle fork, where he found campers and food. All he had eaten during the three days was one small piece of meat. He was taken to Oak Ridge, where he telephoned to his mother here and to the members of the hunting party that he was safe. NEW YORK. Sept. 25. Jacob Schlff, widely known banker and philanthro pist, died at his home here tonight. Mr. SohlfTs death was due to arte rio sclerosis. He .was stricken six months ano, members of the family said, but had not suffered to any ex tent until August, when he was com pelled to return home from the White mountains. His condition quickly be came worse and he was confined to his home ten days apo. Mr. Schiffs wife, his son, Mortimer L. Schiff. and his daughter. Mrs. Felix Warburg, were called to his bedside this afternoon when physicians gave up hope of recovery. Two brothers. I'hillp and Ludwig Schiff, merchants of Frank fort-on-SJain. Germany, also survive him. The name of Jacob H. Schiff has been associated with the financial his tory of New York and of this country for a quarter of a century. At inter vals in that time Mr. Schiff took an active part in the financial develop ment of some of the leading railroads and utility corporations In the United States. Barked by foreign capital, Mr. Schiff and the firm of Kithn, Loeb & Co. supported the late B. H. Harriman in the great financial adventure by which the Union Pacific railroad was reorganized in 1897 and in the sub sequent transactons by wrhich the Union Pacific obtainea control of the Southern Pacific and other railroads. PrentiKe Is Maintained. This operation is regarded as one of the most important in which Mr. Schiff engaged as a banker. It in volved a vast sum of money, pos eibly hundreds of millions of dollars. gave Mr. Schiff a prestige among New York banking houses which en dured for the remainder of his life and it contributed to make B. H. Harriman the best known railroad organizer in the United States. Another important enterprise which Mr. Schiff undertook as head of his firm was the placing in this country of a large Japanese loan when Japan went to war with Russia. Some years later Mr. Schiff expressed regret that he had been instrumental in provid ing funds which helped to place Japan among the leading nations of- the world as a military- power. Born at Frankfurt. Germany, Janu ary 10, 1847, Mr. Schiff was educated in Germany and when 18 years old removed to New York, where he en tered upon his business career, begin ning as a bank clerk. A few years afterward he became a member ol a firm of bankers and brokers. In 1875 Mr. Schiff married Theresa, daughter of Solomon Loeb, and be came a member of the firm of Kuhn, Loeb & Co., of which his father-in- law was thei senior partner. . Liberal Contribution Made. When Mr. Loeb retired 10 years later, Mr. Schiff became hea'd of the firm and has since occupied that po sition. After this successful, share in the financing of the Union Pacific reorganization, Mr. Schiff became one of the most widely known and infill ential bankers of New York. He has been director of several of the lead ing banks, trust, life insurance, rail road and utility companies, including the Union. Pacific railroad and the "Western Union- Telegraph company. His firm acted, as fiscal agents for some of the leading corporations of the United States. For more than a score of years Mr. Schiff was prominent in various forms of charity and philanthropy. He was vice-president of the Baron de Hlrsch fund, founder and president of the Montefiore home for chronic invalids, one of the foundie-rs of Barnard col lege and contributed liberally to almost every Jewish movement or charitable institution and to man nonsectarian ones in New York. He gave generously to encourage the ctudy of Hebrew literature, founded the Semitic museum at Harvard and the Jewish theological seminary of Now York. High Tribute Paid. William McAdoo, then secretary of the treasury, in a tribute to Mr. Schiff on the occasion of his 70th birthday, described him as "a rare combination of the financier and altruist." Mr. Schiff had one son, Mortimer L. Schiff. also a member of the firm of which his father was the head, and one daughter, Mrs. Felix Warburg, wife of .another member of that firm. He had a home in Fifth avenue. New York, and a country home at Sea bright, New Jersey. MOVIE OPERATOR FINED Rose.burjj Youth Sentenced for Carrying Concealed Weapon. ' ROSEBTTRG, Or.. Sept. 25. Cecil Miller had a hearing last night in the police court on a charge of car rying a concealed weapon. The young man had been employed as a movie operator in a local theater until a short time ago, when owing to some trouble with the manager he quit his position, and it was alleged he was carrying a gun in-anticipation of further trouble. A search-of tire -boy's-person by officers yesterday revealed a .32-cali-ber revolver, fully loaded. He was fined $25 and sentenced to serve 10 days in the city jail, the latter penalty being suspended. . DEPOSITORS HELD TO HAVE FULL, FAITH IV JOHXSOX. Bank Examiner Says People of City Declare They Would Trust Last Dollar to Banker. IS FIRST TEN POWER RULES FORMULATED Guidance Provided in Water Department. LICENSES MAY BE GIVEN Federal Commission Proceeds Far Enough in Work Where Permits Can Be Made Permanent. as provided, but after permanent con struction is started, revocation is only by procedure in an equity court of the United States having jurisdiction over the district where the work has been undertaken. Three forma are IsBued for appli cants. Form one is for the official statement of organization and list of officers and directors of a private company making application Form two is for preliminary permit, and form three for permanent license. Rates to Be Taken t p. Other regulations will be developed as rapidly as possib'e in conference with the power interests of the coun try, the commission asserts. The reg ulations governing fiscal relations, such as rates and recovery rights, will be taken up at a conference early in October. It is hoped to have all rules developed and in effect within the next month or two, so that the gov- rnment's part in opening the hydro electric resources of the nation may be fully outlined. Whatever further time is requirea will be due to the problems of finding market for the energy to be pro duced and developing it at costs held by the government to be fair to all the people. " SALEM, Or., Sept. 25. (Special.) That the wrecking of the Bank of Jacksonville was due in a large measure to the confidence placed I in William H. Johnsoo. its presi dent, by patrons of the institu tion, was the opinion expressed here today by .Will H. Bennett, state super intendent of banks, who made a com plete investigation of the affairs of the defunct depository. At the time the investigation of the books of the bank was in progress and rumors also were afloat that depositors would receive only from 10 to 15 cents on the dollar, Mr. Bennett said he was informed by former patrons.of the institution that they could not believe that Mr. Johnson was at fault and that they would entrust him with their last dollar. "The people of Jacksonville and vicinity had the utmost confidence in Johnson," said Mr. -Bennett, "and several depositors told me that they would have gladly placed in his charge all their financial transac tions." v Mr. Bennett said the affairs of the bank were badly muddled as shown by his report, and that it was im possible for the examiners of the institution to account for rr.any se curities which, he said, had been carelessly placed in drawers and other out-of-the-way places bv Mr. Johnson. Mr. Bennett does not ex pect to return to Jacksonville until Johnson's case is placed before the grand jury, unless summoned there before that time by the district at torney or other state officials. Willamette River Rises. EUGENE, Or., Sept. 25. (Special.) The Willamette river at Eugene has been unusualy high during the past day or so, the gauge last night show ing a height of 5.3 feet above low- water mark, having risen four feet in 24 hours. The rise is due to the heavy rains of the past few days, the pre cipitation being greater in the foot hills than in the valley, thus account ing for the rapid rise in the streams. Italian Senate Approves Treaty. ROME. Sept. 24. The senate unani mously reaffirmed the treaty of St. Germain today. The treaty already has been approved by the chamber of deputies. OREGONIAN NEWS B U K E A U, Washington. Sept. 25. The federal water power commission has pro gressed to th point where the first ten regulations under which permits and licenses tor water power develop ment will be granted are ready for distribution. Following a long series of confer ences between power managers and attorneys, tire commission has been busy drafting the regulations and preparing the forms for the guidance of persons seeking the privilege of developing -water power under gov ernment supervision. These prelim inaries have been brought to the point where permanent licenses for construction may be granted. Terms Are Defined. The first regulation is a definition of terms used in the law and in the rules tnat will be issued by the com mission. This provides among other tnings we definition of 'power ca pacity or a project, describine- the formula for determining it and re quiring tnat but 70 per cent of the theoretical potential power be accent- eu as avaiiaoie. nceuiiiuons inree ana four cover the applications for permits to pre pare plans, make surveys and arrange finances. The maximum time that can be taken for this preliminary work i three years, and to get more than 12 months the applicant has to show reasons that satisfy the commission. Regulation Cover Priorities. Regulations five and six pertain to the application for the real construc tion work. These cover a license for a major project, for a minor project ana tor a project already constructed Regulation seven is called a declar ation of intention to construct a dam in any stream other than those held to be navigable waters. , Priorities and preferences are cov ered in regulation eight quite explic itly. It is anticipated that ntSny in tricate issues will arise out of thi: part of the regulations, as there nat urally will be much competition for the more important and economical projects. in some cases prospective development Interests have acquired lands contiguous to a stream, gaining patent to property that is vital to the prosecution of work. ir-rior to tne enactment of the new law, applications were made to the interior department, the agricultura department and the war department where these executive divisions con trolled public lands, forestry reserves or navigable streams. Permit May Be Revoked. regulations nine ana ten cover numerous conditions and requirements in connection, with permits and li censes. If work is not undertaken prosecuted as specified in the permit. the permit may be revoked by the commission. Also a license may be rpvoked for failure to prosecute work LIFTING OF BUB ASKED FUMIGATION DEVISED TO MAKE POTATOES SAFE. DENVER TO BE HOST TO MIHG CONGRESS Ten National Conferences to Correlate Work. MANY PROBLEMS ARISE Questions National and tional to Be Considered ing of Industrial Importance. Interna- Meet- Conferenee Discovers That by Xew Method California Potatoes Will Not Be Dangerous. SALEM, Or., Sept. 25. (Special.) Following the assurance that potatoes can be rendered free of tuber moth through a process of fumigation with b'i-sulphide of carbon in a vacuum, recommendations will be made by the quarantine officers of the northwest that the western plant quarantine board grant permission to bring into Oregon and other western states Cali fornia potatoes, and that the quaran tine against alfalfa weevil be modified so that alfalfa hay products may De shipped into western states when it is reasonably sure they are free from disease, according to announcement made here today. Information regarding the effort to loosen the quarantine was given out following a conference of entomolo gists held here last week. in at tendance at this conference were prominent entomologists from Oregon, Montana, California, Washington, Utah and a number of other states. Their recommendations will be placed be fore the executive committee of the quarantine board, of which G. H. Hecke, California commissioner of ag riculture, is chairman, and Charles A. Park of Salem is a member. Mr. Park is also president of the Oregon state horticultural board. The conference of entomologists here was coincident with -the installa tion of a vacuum fumigator at a Salem plant. For the first time in history a contrivance of this nature is being used to control pests in food products, it was stated. DENVER, Sept. 25. Denver Is pre paring for the greatest mining con vention in history. Problems, national and international, which have arisen durfng the laBt year in the production of the wasting materials of the na tion, such as petroleum, coal, metals and lumber, will be considered by- ten national conferences, correlating their work in one final convention, before which the concrete results of all con ferences will be placed for ratifica tion. The movement is fostered by the American Mining congress, which has called its 23d annual convention in Denver during the week of Novem- 1 ber 15. Correspondence now being exchanged between the mining organizations and the National Coal association, the American Petroleum institute and the various group bodies of coal and metal men and lumber associations, indi cate that, the meeting of the congress this year will far surpass in Indus trial importance the previous conven tion of that organization held at St. Louis last year. Standardisation to Be Sona;ht. For the first time In America, a standardization conference has been called to organize a national propa ganda to standardize all mining equip ment, safety codes, methods of ac counting, labor saving, sanitary and life-saving devices. Three eminent American engineers. Colonel Warren R. Roberts of Chi cago, Charles A. Mitke of Arizona and Richard A. Parker of Denver have signed the invitation. Colonel Rob erts was in charge of the standardi zation of war munitions In Washing ton during the war. Mr. Mitke is the leader of standardization movements in metal production and Mr. Parker, for many years the manager of group of .gold producing mines in Africa, was the first to standardize mining under European management. Gold Producers to Meet. A group of coal producers, notable among whom is Colonel - Daniel B. Wentz, president of the National Coal association, is in charge of arrange ments. fpr the conference of coal producers, both anthracite and bi tuminous. Gold producers of the United States and bankers who are interested preventing further depletion of the gold reserve, which is now danger ously low, are called for a conference of three da vs. Petroleum men of the western states will assemble at the convention to discuss legislation In tended for the protection of the na tion from a fuel and power famine. Several hundred users of oil flota tion in the recovery of metals are called to consider the possibility of facing several billions in law suits, brought by the Minerals Separation, Ltd., corporation. The fight for the recovery of $10,- 000.000 lost in the production of war minerals, which the government called for befotre the armistice, will be the subject of the war minerals conference. The legislative convention will have before it recommendations for the reorganization of national and state tax laws, blue sky laws and em ployers' liability laws. State offi cials, legal experts, mining lawyers and mine operators have been invited to its sessions. An industrial conference, at which many national leaders will be present, will discuss questions relating to la ir contracts; w-ages and -working conditions. Legislative committees will be appointed at this meeting. Franklin K. Lane, formerly secre tary of the interior, has been invited to preside over the joint conferences. Hood River Plans Luncheon. Hood River is arranging luncheon for the national parks caravan when it arrives Wednesday noon. Leslie Butler has notified W. J. Hofmann that the city is counting on enter taininer probably 60 visitors. Twelve or 15 Hood River citizens will attend the luncheon. Those who are mak ing the park-to-park tour will be accompanied by a number t)f Port- landers while on the highway. A pipe organ said to have been used by Handel while composing the "Mes- s:ah"-was recently sold for $ll.-0. TRUST COMPANY CLOSED. FIFTH BAVK FAILURE IX BOS TON IS iVXOn'CED. Cosmopolitan Company Held in Banking and Savings Departments Nearly $13,000,000 Deposits, BOSTON, Sept. 25. The Cosmopol itan Trust company, with a saving and banking department and agencies abroad, was closed by Bank Commis sioner Joseph C. Allen at 9 o'clock this morning. This is the fifth bank in this city to be closed within five weeks. The first wm the Hanover Trust company, which went to the wall with the collapse of the scheme of Charles Ponzi. The Cosmopolitan held nearly 13, 000.000 of deposits in its banking and savings departments. Slow loans' and inability to meet a continued heavy withdrawal of deposit were given by the commissioner as the cause of the bank's difficulties and the reason for his action. An opinion that half a million dol lars of state funds in the bank was absolutely safe, announced by State Treasurer James Jackson, gave de positors reason to feel that their money was not greatly endangered. Between September 8 and yesterday withdrawals of deposits amounted to more than $3,000,000, according to his figures. Phone your want ads to The Orego nian. Main 7070, Automatic 660-9S. ' Winlock to Do Paving. . CENTRALIA. Wash., Sept. 25. (Spe cial.) The Winlock council has de cided to pave Walnut street to con nect with the paving on the Winlock Toledo road. The Winlock State bank has agreed . to take all but $1500 of the bonds to be issued. The Winlock Vader and Winlock-Eveline roads were put in first-class sthape this week under the direction of J. Z. Leathers, road supervisor. A crew of men will be put to work on the Wln-lock-Ainslee road as soon as the weather permits. Phone youi want ads to The Orego nian. Main 7070, Automatic 5fi0-95. gniiMiiiiiniiitiiiiiiiiiiiimiitliliiiliiuiiiiniiiiiiiiiiiiinniiiuiimtnnt: ... WOOD-LARK BUILDING Alder at West Park Green Trading Stamps WfoodarcLGtarfK&Ga ALDEB STEEETAT WEST PARK. Wardrobe Trunks Reduced ?miimitmniiiiiimmitinmiiiimuniimnnu!iiHmiiumiiniimiir Monday we place on special sale one of the greatest values that has ever been offered in full-size Wardrobe Trunks. Read the description below, look at the price, and then come in and see these wonderful .and convenient Wardrobe Trunks. Description of These Wardrobe Trunks CONSTRUCTION Veneer box, open top, round edge; hand riveted throughout. , COVERING Heavy black enamel duck cloth; very durable. BINDING Heavy black vulcanized fibre with center bands. HARDWARE Heavy steel, nickel plated, highly polished with draw bolts. LOCK Special nickel-plated ''LIKLY" bronze lock. LINING Linen cloth lined throughout -with lavender fabric ..leather facing. $95 THE IDOL OF THE BASEBALL FRATERNITY THE HEAD OF NEW YORK'S AMERICAN LEAGUE TEAM THE WORLD'S CHAMPION HOME-RUN HITTER IS WITH US THIS PROGRAMME FOR TODAY MONDAY AND TUESDAY ONLY BABE RUTH SEE HIM IN ACTION AND IN SPECIAL POSES FOR THE "SLOW" MOTION CAMERA (ft CONCERT ON OUR GIANT ORGAN .Wagner "The PROGRAMME 1. "Under the Double Eagle" 2. (a) "Perfect Song" from Birth of a Nation ' (b) "Mighty Like a Rose," McDowell 3. "Spanish Dance" Moskowski 4. "Poet and Peasant" Suppe TODAY AT 12:30 An AH Star Cast of Characters and So Real That They Fairly Step Out of the Book Into Life f nn i in Here's a Story of Quixotic Love, Bravery, Intrigue and the Most Thrilling Sort of Adventure The Regular Price Is $125 Now1 reduced to special' price of . ... ., THE "HOMKLAMJ" yiimiiii i n 1 1 u i mi UJ ij y i ' i ' i ' i i '' 1 1 ''''''''''' i ' 1 1 1 1 1 1 1 1 M 1 1 1 1 m i ii 1 1 1 1 1 1 1 r 1 1 m 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 r 1 1 1 1 1 1 ( 1 1 1 1 Genuine Cowhide ' o HUNTER LOST IN WOODS Colt a pre Grove Man Practically Without Food Three Days. ' COTTAGE GROVE. Or, Sept. 25. (Special.) Charles Hall has arrived hom from a huntir.fr trip, during o - I 1 11 -4 .gag- LIKLY" Bags o U o 18-inch Brown Cowhide Bags, English steel frame; continu- ous one-piece, sewed-on corners; English plaid serge lining; interior arranged with pockets. Regular price COQ 7 C E $37.50, now on sale at special price of O Another fine lot of "Likly" Bags, in brown or black, leather 1 lined; sewed-on corners; three pockets. Regu- J?1 Q .Cf lar price is $24.50, reduced to P lOiuU v - 7IIII1I1III1I1III1II1I1III1UIII1IIIIIII11II1IIII1111III1I1II11HI1I111 FOR THE Rainy Days An Opportune Sale of Ladies and Men's Do You Like MUSHROOMS? For those that gather their own, we have a beautiful cellu loid card showing three edible varieties in true colors. FREE for the asking. IB! DCS. U. S. See page 9, section 4, for Pepso dent. Tooth Paste adv.. with special valuable coupon. Bring it to our "store. UMBRELLAS An excellent assortment ""to se lect from and at a wide range of prices. 10 Discount fj: rKSKm h hi HIM r I ft 0hSk r-'-y':mn i . ; , ---UiMr- r-r-. JM 111 KBJUflO OEXQJ